狗狗幣（DOGE）最終會在華爾街留下自己的印記嗎？

繼今年比特幣和以太坊 ETF 現貨獲得批准後，資產管理公司已經提交了其他產品的申請，使投資者能夠透過傳統的經紀帳戶獲得數位資產的投資。

After approving spot Bitcoin and Ethereum ETFs this year, asset managers have already filed applications for other products enabling investors to gain exposure to digital assets through a traditional brokerage account. And it should be expected that firms will keep pushing the envelope further.

在今年批准現貨比特幣和以太坊 ETF 後，資產管理公司已經提交了其他產品的申請，使投資者能夠透過傳統的經紀帳戶獲得數位資產的投資。預計企業將持續挑戰極限。

Even Dogecoin could get its own spot ETF.

連狗狗幣也可以擁有自己的現貨 ETF。

“The ETF industry is famous for throwing spaghetti at the wall,” Bloomberg ETF analyst Eric Balchunas told Decrypt. “I imagine we'll see all kinds of stuff get attempted, including DOGE.”

彭博 ETF 分析師 Eric Balchunas 告訴 Decrypt：“ETF 行業以向牆上扔意大利麵條而聞名。” “我想我們會看到各種各樣的東西被嘗試，包括 DOGE。”

“I'm actually surprised it hasn't been filed already,” Balchunas added.

「我真的很驚訝它還沒有被提交，」巴爾丘納斯補充道。

Spot Bitcoin ETFs were approved this year, but the first application was filed with regulators over a decade ago, and the process was marked by legal conflict brought on behalf of asset managers. Even though the Securities and Exchange Commission (SEC) later approved spot Ethereum ETFs this year, the development was largely unexpected, and it remains to be seen how the regulator could treat applications for other crypto ETFs in the future.

現貨比特幣 ETF 今年獲得批准，但第一份申請是在十多年前向監管機構提交的，整個過程中代表資產管理公司帶來了法律衝突。儘管美國證券交易委員會（SEC）後來在今年批准了以太坊 ETF 現貨，但這一進展很大程度上出乎意料，監管機構未來如何處理其他加密 ETF 的申請還有待觀察。

Bitwise Senior Investment Strategist Juan Leon told Decrypt that regulators have historically applied a high level of scrutiny to applications for crypto ETFs, presenting a difficult path to approval for an asset like Dogecoin under the SEC’s current administration.

Bitwise 高級投資策略師 Juan Leon 告訴 Decrypt，監管機構歷來對加密 ETF 的申請進行嚴格審查，在 SEC 現任管理下，像狗狗幣這樣的資產獲得批准面臨著一條艱難的道路。

When evaluating applications for spot ETFs, the SEC has typically required that a digital asset—whether it’s Bitcoin or Ethereum—both have a regulated futures market and substantial liquidity in its spot market, Leon said. Under the framework set forth by current SEC leadership, “Doge wouldn't meet those qualifications.”

Leon 表示，在評估現貨 ETF 的申請時，美國證券交易委員會通常要求數位資產（無論是比特幣還是以太坊）都擁有受監管的期貨市場，並在現貨市場擁有大量流動性。根據現任 SEC 領導層制定的框架，“Doge 不符合這些資格。”

However, with SEC Chair Gary Gensler likely to depart following Donald Trump’s White House win, the regulator could take a more hands-off approach to approving applications, Leon said.

然而，萊昂表示，隨著唐納德·川普入主白宮，美國證券交易委員會主席加里·詹斯勒可能會離職，監管機構可能會採取更加不干涉的方式來批准申請。

Even so, he thinks that ETFs for Ripple (XRP), Solana (SOL), and Avalanche (AVAX) would come first, as tokens with utility that aren’t commonly known for being a $55 billion joke.

即便如此，他認為 Ripple (XRP)、Solana (SOL) 和 Avalanche (AVAX) 的 ETF 會先出現，因為這些代幣具有實用性，但通常不以 550 億美元的笑話而聞名。

“If there is regulatory clarity [...], you could ostensibly see issuers pursue a Doge ETF, and I could see it getting approved at some point,” Leon said. “It certainly has demand from the retail audience, so I can see an issuer being interested in launching it.”

「如果監管明確 [...]，表面上你可以看到發行人追求 Doge ETF，而且我可以看到它在某個時候獲得批准，」Leon 說。 “它肯定有零售受眾的需求，所以我可以看到發行人有興趣推出它。”

Several asset managers filed for approval to launch spot ETFs covering Ripple, Solana, and Litecoin as Election Day approached. Filed in October, the SEC has yet to weigh in on the applications. Meanwhile, no firm has yet to file an application for a Dogecoin ETF, even outside the U.S.

隨著選舉日的臨近，多家資產管理公司申請批准推出涵蓋 Ripple、Solana 和 Litecoin 的現貨 ETF。 SEC 於 10 月提交了申請，但尚未對這些申請進行權衡。同時，即使在美國境外，也沒有公司提交狗狗幣 ETF 申請

According to Grayscale Head of Product and Research Rayhaneh Sharif-Askary, Dogecoin is the largest asset in the firm’s Consumer and Culture Crypto Sector. Classified as a leader in media and entertainment, Sharif-Askary told Decrypt that the meme coin is something of an anomaly.

Grayscale 產品和研究主管 Rayhaneh Sharif-Askary 表示，狗狗幣是該公司消費者和文化加密貨幣領域最大的資產。謝里夫-阿斯卡里被列為媒體和娛樂領域的領導者，他告訴 Decrypt，迷因幣有些反常。

While playful in nature, he said that Dogecoin has seen genuine use as a peer-to-peer currency.

他說，雖然本質上很有趣，但狗狗幣已經被真正用作點對點貨幣。

“Memes have existed since the dawn of civilization,” she said, pointing to cave paintings and Roman graffiti. “While it was once easy to dismiss meme coins due to their playful nature, it would be irresponsible to ignore DOGE’s usage on-chain and the very real use case that is being fulfilled.”

「自文明誕生以來，迷因就已經存在了，」她指著洞穴壁畫和羅馬塗鴉說道。 “雖然人們很容易因為 Meme 幣的有趣性質而忽視它們，但忽視 DOGE 在鏈上的使用以及正在實現的非常真實的用例是不負責任的。”

As an ETF candidate, Grayscale has been keeping tabs on Dogecoin. While not currently included in any of Grayscale’s products, the asset manager said in an October blog post that Dogecoin is “under consideration” for inclusion in future products

作為 ETF 候選者，Grayscale 一直在密切關注狗狗幣。雖然目前尚未包含在 Grayscale 的任何產品中，但該資產管理公司在 10 月的一篇部落格文章中表示，狗狗幣「正在考慮」包含在未來的產品中